投资者可于 2025 年 11 月 14 日（星期五）至 11 月 20 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 河南瑞贝卡发制品股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 21 日（星期五） 16:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 证券代码：600439 证券简称：瑞贝卡 公告编号：临 2025-027 河南瑞贝卡发制品股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 四、 投资者参加方式 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者 ...

Market Overview - The jewelry sector increased by 1.21% on October 29, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 6.64, up 5.06%, with a trading volume of 463,600 shares and a turnover of 304 million yuan [1] - Lao Feng Xiang (600612) closed at 50.60, up 4.12%, with a trading volume of 52,700 shares and a turnover of 264 million yuan [1] - Zhou Dazheng (002867) closed at 66.00, up 2.04%, with a trading volume of 100,000 shares and a turnover of 138 million yuan [1] - Other notable performers include Chao Hong Ji (002345) up 1.50%, China Gold (600916) up 0.84%, and Cai Zi Co. (605599) up 0.77% [1] Capital Flow Analysis - The jewelry sector experienced a net outflow of 23.93 million yuan from institutional investors and 32.61 million yuan from speculative funds, while retail investors saw a net inflow of 56.54 million yuan [2] - Lao Feng Xiang had a significant net outflow of 51.36 million yuan from institutional investors, while Zhou Dazheng saw a net inflow of 13.76 million yuan [3] - The overall capital flow indicates a mixed sentiment among different investor types within the jewelry sector [2][3]

Market Overview - The jewelry sector increased by 0.84% on October 27, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 6.02, up 5.06% with a trading volume of 513,300 shares and a turnover of 294 million yuan [1] - Chao Hong Ji (002345) closed at 13.57, up 4.38% with a trading volume of 253,200 shares and a turnover of 34 million yuan [1] - Man Ka Long (300945) closed at 18.04, up 1.46% with a trading volume of 103,100 shares and a turnover of 185 million yuan [1] - Di A Shares (301177) closed at 33.12, up 1.38% with a trading volume of 16,000 shares and a turnover of 52.55 million yuan [1] - Other notable stocks include Rui Beika (600439) at 2.90, up 0.69%, and Jin Yi Culture (002721) at 3.38, up 0.60% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 63.18 million yuan from main funds, while retail funds experienced a net outflow of 29.35 million yuan [2] - Main funds showed significant inflows in ST Xinhua Jin (28.17 million yuan) and Chao Hong Ji (26.85 million yuan) [3] - Conversely, China Gold (600916) had a net inflow of 15.71 million yuan from retail funds, despite a net outflow from main and speculative funds [3]

Core Insights - The jewelry sector experienced a decline of 0.44% on October 24, with Deep China A leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - ST Xinhua Jin (600735) saw a closing price of 5.73, with an increase of 4.18% and a trading volume of 392,000 shares, totaling 224 million yuan [1] - Chao Hong Ji (002345) closed at 13.00, up 2.04%, with a trading volume of 224,500 shares, amounting to 288 million yuan [1] - Other notable stocks include Diya Co. (301177) at 32.67 (-0.03%), Zhou Dazheng (002867) at 13.64 (-0.07%), and Lao Feng Xiang (600612) at 48.67 (-0.41%) [1] Capital Flow - The jewelry sector saw a net outflow of 117 million yuan from main funds, while retail investors contributed a net inflow of 149 million yuan [2] - The main funds showed a significant outflow from stocks like Fei Ya Da (000026) with a net outflow of 7.34 million yuan and Jin Yi Culture (002721) with a net outflow of 8.34 million yuan [3] Individual Stock Capital Flow - Rebecca (600439) had a main fund net inflow of 6.30 million yuan, while it experienced a net outflow from retail investors of 3.95 million yuan [3] - Mingpai Jewelry (002574) saw a main fund net inflow of 5.90 million yuan but a net outflow from retail investors of 8.17 million yuan [3] - Lao Feng Xiang (600612) had a main fund net inflow of 4.39 million yuan, with retail investors also showing a net outflow [3]

Core Insights - The article discusses the rising popularity of wigs among young consumers in China, highlighting a shift from a traditional perception of wigs as a sign of weakness to a fashionable accessory that enhances personal style and boosts confidence [6][13][61] Market Overview - The domestic wig market in China is projected to exceed 20 billion yuan by 2025, with consumers under 30 accounting for nearly half of the market [8] - In 2024, China's wig export value is expected to surpass 37.5 billion yuan, capturing over 80% of the global market share [9] Consumer Trends - Young consumers are increasingly using wigs for aesthetic enhancement, with social media trends promoting topics like "how to use wigs to enhance your appearance" gaining traction [18][20] - The perception of wigs has evolved, with many young people viewing them as a means to express individuality and cope with daily life stress [20][61] Industry Transformation - The wig industry in Xuchang has transitioned from a low-cost manufacturing model to a more innovative and trendy market, leveraging social media platforms for marketing [26][30] - Brands like OQ Hair have successfully utilized TikTok for marketing, introducing products like "glueless wigs" that simplify the wearing process and appeal to younger audiences [33][35] Innovation and Branding - The industry has adopted modern marketing strategies, including emotional branding and user-centric approaches, to attract young consumers [39][44] - Companies are now focusing on technological advancements in wig production, such as using imported human hair and breathable materials, to enhance product quality [45][47] Local Industry Dynamics - Xuchang's wig industry benefits from a rich historical background and a skilled workforce, with over 30,000 people trained in wig production [28][52] - The local market has seen a rise in new brands led by "second-generation" entrepreneurs who bring innovative ideas and marketing strategies to the industry [57][59]

Market Overview - The jewelry sector experienced a decline of 1.89% on October 22, with Mankalon leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Individual Stock Performance - Mankalon's stock price fell by 7.46% to 18.62, with a trading volume of 247,600 shares and a transaction value of 468 million yuan [2] - Other notable declines include: - Chao Hong Ji down 3.95% to 13.60 - Feiya down 3.84% to 17.05 - Cai Zi down 1.32% to 14.23 [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 263 million yuan from institutional investors, while retail investors contributed a net inflow of 226 million yuan [2][3] - The detailed capital flow for selected stocks includes: - Zhou Dazheng: Institutional net inflow of 3.06 million yuan, retail net outflow of 3.40 million yuan [3] - Lao Feng Xiang: Institutional net outflow of 487,200 yuan, retail net inflow of 411,520 yuan [3] - Mingpai Jewelry: Institutional net outflow of 2.25 million yuan, retail net inflow of 5.18 million yuan [3]

Market Overview - The jewelry sector increased by 0.96% on October 21, with Feiya leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Feiya (000026) closed at 17.73, up 7.72% with a trading volume of 251,600 shares and a turnover of 439 million yuan [1] - ST Xinhua Jin (600735) closed at 5.43, up 2.65% with a trading volume of 434,600 shares and a turnover of 234 million yuan [1] - Mingpai Jewelry (002574) closed at 5.97, up 1.88% with a trading volume of 167,200 shares and a turnover of 99.27 million yuan [1] - Other notable performances include China Gold (600916) up 1.29% and Xinhua Culture (002721) up 1.17% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 13.3 million yuan from institutional investors, while retail investors contributed a net inflow of 76.59 million yuan [2] - Speculative funds experienced a net outflow of 89.89 million yuan [2] Detailed Capital Flow for Key Stocks - Feiya (000026) had a net inflow of 89.11 million yuan from institutional investors, while speculative funds saw a net outflow of 33.03 million yuan [3] - China Gold (600916) had a net inflow of 4.46 million yuan from institutional investors, with retail investors contributing a net inflow of 17.51 million yuan [3] - Other stocks like ST Xinhua Jin and Mingpai Jewelry experienced varying levels of net inflow and outflow from different investor categories [3]

Market Overview - The jewelry sector increased by 0.85% on October 15, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 4.57, with a rise of 5.06% and a trading volume of 318,200 shares, amounting to a transaction value of 140 million yuan [1] - Other notable performers include: - Cuihua Jewelry (002731) at 13.55, up 2.65% [1] - Caizhi Co. (6655509) at 15.20, up 2.63% [1] - Chaohongmu (002345) at 14.73, up 2.58% [1] - Mankalon (300945) at 21.79, up 2.35% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 2.9829 million yuan from institutional investors, while retail investors contributed a net inflow of 28.087 million yuan [2] - However, there was a net outflow of 31.0699 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - ST Xinhua Jin had a net inflow of 15.7082 million yuan from institutional investors, but a net outflow of 4.5480 million yuan from speculative funds [3] - Chaohongji (002345) experienced a net inflow of 9.0915 million yuan from institutional investors, with a net inflow of 3.8748 million yuan from speculative funds [3] - Other stocks like Gold One Culture (002721) and Cuihua Jewelry (002731) also showed varying levels of net inflows and outflows from different investor types [3]

Core Insights - The article highlights the unique industrial ecosystem of wig manufacturing in Xuchang, Henan, which dominates the global market with over 60% market share and an estimated annual sales scale of 500-600 billion yuan [5][18][50] - The growth of the wig industry is driven by both domestic and international demand, particularly from the U.S. and Africa, with a projected global market value of 10.06 billion USD in 2024, growing to 13.28 billion USD by 2026 at a CAGR of 16% [5][18][50] Group 1: Industry Overview - Xuchang is known as the "Wig Capital of the World," with around 4000 wig factories and over 120,000 online stores, employing nearly 400,000 people in the industry [5][18] - The local industry has evolved from historical roots dating back to the Ming and Qing dynasties, significantly influenced by the transfer of technology from South Korean companies in the late 20th century [26][28] - The production process remains labor-intensive, with a high reliance on skilled workers who often inherit their craft from family members [28][29] Group 2: Market Dynamics - The article discusses the challenges faced by local manufacturers, including high entry barriers for outsiders and the need for specialized knowledge in raw material procurement [26][28] - The international supply chain for wig production is robust, with key raw materials sourced from countries like India, Myanmar, and Cambodia, while production processes have shifted to North Korea for cost efficiency [29][30][31] - The rise of cross-border e-commerce has reshaped the market landscape, allowing local brands to gain significant market share and challenge traditional players [32][33] Group 3: Business Models and Trends - Local entrepreneurs like Zhang Zhiyuan and Zhao Longzi have successfully established businesses with annual sales exceeding 10 million yuan, leveraging e-commerce platforms for distribution [10][15][18] - The domestic wig market has seen continuous growth, maintaining over 20% annual growth for six consecutive years, driven by trends such as aging populations and increasing fashion consciousness among younger consumers [18][19] - The article emphasizes the need for local manufacturers to transition from OEM models to building their own brands to regain pricing power and market influence [45][46] Group 4: Future Prospects - Xuchang aims to enhance its position as a global hub for wig production by developing offline trading markets and expanding its e-commerce capabilities [50] - The local industry is witnessing a demographic shift, with a growing number of young entrepreneurs entering the market, indicating a potential for innovation and growth [52][53] - The establishment of professional training programs and collaborative initiatives with beauty salons is seen as a strategy to improve service capabilities and create added value in the market [46][48]

Core Viewpoint - The article highlights the financial troubles faced by Rebecca (瑞贝卡), the "first stock of wigs," located in Xuchang, which is experiencing severe liquidity issues and potential fraud allegations due to significant related-party transactions and questionable financial practices [2][3][4]. Group 1: Company Overview - Rebecca is a well-known enterprise in Xuchang, with extensive involvement in various sectors, including real estate and tourism, under the ownership of the Zheng family [2]. - The company is facing unprecedented challenges, including a significant drop in stock price and reliance on personal loans for financing, indicating a decline in creditworthiness [3][4]. Group 2: Financial Irregularities - Rebecca's controlling shareholder has pledged 50 million shares at a steep discount of 30%, reflecting the company's deteriorating financial health [4]. - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, with a reported first loss in its 20-year history [4][12]. - Related-party transactions have raised red flags, with 17 associated companies involved in a total of 2.3 billion yuan in fund occupation, primarily concentrated in four companies that lack operational transparency [4][5][12]. Group 3: Inventory Concerns - Rebecca's inventory has ballooned to 3.1 billion yuan, constituting nearly 70% of total assets, with a significant portion classified as strategic reserves, raising questions about the legitimacy of these figures [18][22]. - The company's inventory turnover days have exceeded 1,594 days, indicating a severe mismatch between inventory levels and operational capacity, which is highly unusual in the industry [23][24]. - Comparatively, other companies in the wig industry maintain much lower inventory levels and turnover rates, suggesting that Rebecca's practices are not aligned with industry standards [22][24].